Looking to purchase a short sale?

Are short sales bargains?

From time to time, yes. Often times people hear the words "short sale" and instinctively think of a seller that is in financial trouble and must sell their house fast to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on another's misfortune. On the other hand, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In cases such as these the reduced price may in fact be closer to actual market values rather than below.

What's involved in buying a short sale?

• Always do your research before making any offers. Using an experienced real estate agent from Bret Mundy Real Estate LLC to support your research of a property can help you make knowledgeable decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this info can help you determine how much to offer.

• Hire a REALTOR^® with short sale experience. Bret Mundy Real Estate LLC can help expedite the transaction and make sure you're protected. Don't let inexperience impede the closing process. Put my experience and knowledge to work in your favor.

• Even with an experienced real estate agent and under the best of situations, buying a short sale property will usually take longer than a typical real estate transaction. Know that most short sales will not close in the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. A lot of the time your offer will go before a committee for approval, which will add time - sometimes even 2 to 3 months.
• Home protection plans, buyer credits and allowances, and closing cost concessions are typically non-negotiable when dealing with a short sale. The lender will sell the property as seen which means the lender will not be paying for repairs. Be sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Bret Mundy Real Estate LLC, when I write an offer, I will be looking out for your interests first and will always recommend that you make your offer contingent upon the results of the inspections.